Market Quote : Benchmark Indices End with Minor Gains After Hitting Record Highs Following US Fed's 50 bps Rate Cut and Further Reduction Hints says Vinod Nair, Head of Research, Geojit Financial Services
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Below the Market Quote from Vinod Nair, Head of Research, Geojit Financial Services
"The benchmark indices concluded with a minor gain after hitting record highs post the US FED's more than expected interest rates cut of 50 bps and hinted for further reduction. The substantial rate cut sparked concerns over global slowdown, resulting in profit booking in mid & small cap trading at premium valuation. Meanwhile, domestic heavyweight sectors like banking and FMCG saw buying interest, driven by foreign inflows and the RBI's monetary easing expected in October."
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